I know that we, like the media, like to dwell on the negative, but new U.S. home sales have jumped by the largest amount in more than eight years. My take is that President Obama's various efforts to make mortgage lending available, as well as slow down the slide in home prices, which was keeping buyers on the sidelines, is starting to work.
Of course, when employment starts to recover, aided in large part by stimulus funding to state and local governments and infrastructure projects, I am sure that no one will give credit to the stimulus even though across the Pacific in China, China's rapid recovery is attributable to its massive stimulus spending.
Go figure.
http://www.msnbc.msn.com/id/32170761/ns/business-real_estate/###
WASHINGTON - New U.S. home sales jumped in June by the largest amount in more than eight years as buyers took advantage of bargain prices, low interest rates and a federal tax credit for first-time homeowners.
While home prices are still falling, the figures released Monday were another sign the housing market is finally bouncing back. Data out last week showed home resales rose 3.6 percent in June, the third straight monthly increase.
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